• A significant uptick in whale holdings was observed over the last month.
• DOGE bounced 7% from its weekly lows as of press time.

The largest memecoin by market cap, Dogecoin [DOGE], was on its way to recovery as the Binance-linked market FUD began to fade.

DOGE bounced 7% from its weekly lows as of press time, AMBCrypto spotted using CoinMarketCap’s data. This gave the Doge army optimism for a smoother rising trajectory in the days ahead.

Trading volumes were slim

Interestingly, the price retracement was not built on robust trading activity. According to AMBCrypto’s analysis of Santiment’s data, trading volumes dipped sharply since the 21st November sell-offs.

The number of addresses involved in DOGE transactions likewise dropped 58% in the last 24 hours, indicating poor on-chain traffic.

While DOGE encountered fluctuations in its price and network activity, on a larger timeframe, key developments were shaping the memecoin’s narrative.

Whale investors see hope in DOGE

The number of transactions worth more than $100,000 increased considerably in November. In fact, the count of 575 recorded on 17th November was the highest in three months.

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Author: Aniket Verma

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